On May 1, 1950, M deposited $100 in a savings account which pays 3% compounded semiannually and continued to make similar deposits every six months thereafter. After May 1, 1962, the bank paid 4% compounded semiannually. How much will be to his credit just after the deposit on November 1, 1970? Hint. 100.01s (1.02) + 100 00

On May 1, 1950, M deposited $100 in a savings account which pays 3% compounded semiannually and continued to make similar deposits every six months thereafter. After May 1, 1962, the bank paid 4% compounded semiannually. How much will be to his credit just after the deposit on November 1, 1970? Hint. 100.01s (1.02) + 100 00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

26. On May 1, 1950, M deposited $100 in a savings account which pays 3% compounded semiannually and
continued to make similar deposits every six months thereafter. After May 1, 1962, the bank paid 4%
compounded semiannually. How much will be to his credit just after the deposit on November 1, 1970?
Hint. 100.01s (1.02) + 100 00

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